FX Market Commentary 12/10/2014 ‏

FX – EURO

THE EURO closed higher due to short covering on Tuesday. The midrange close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signalling that sideways to higher prices are possible nearterm. Closes above the 20day moving average crossing are needed to confirm that a low has been posted. If it extends this year's decline, monthly support crossing is the next downside target.

FX – YEN

 

THE YEN closed lower on Tuesday. The midrange close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signalling that sideways to lower prices are possible nearterm. Closes below the 20day moving average crossing are needed to confirm that a shortterm high has been posted. If it extends this year's rally, weekly resistance crossing is the next upside target.

FX - SWISS FRANC

THE SWISS FRANC closed lower due to short covering on Tuesday. The midrange close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signalling that a high might be in or is near. Closes below the 20day moving average crossing are needed to confirm that a high has been posted. If it extends the rally off July's low, monthly resistance crossing is the next upside target.

FX - STERLING

STERLING closed higher on Tuesday as it extended Monday's upside reversal. The midrange close sets the stage for a steady opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish hinting that a low might be in or is near. Closes above the reaction high crossing are needed to confirm that a low has been posted. If it extends the decline off July's high, monthly support crossing is the next downside target.

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